I had planned on adding recessed lighting but just realized the ceiling is made of plaster (was built in 1940).Is it difficult/costly to add spot lights to plaster ceiling (walls are also plaster)?

We’ve got a property purchased in the SF Bay Area during the Great Recession for ~$275k.

I get that they haven't gone through a recession, but if they invested right after it all crashed, then those lessons should be very alive in them.

With all of the uncertainty about the economy recently (specifically the last couple of weeks), it got me thinking of how a market downturn/recession would affect a cash out refinance on a property like this. 

Turn the vacant units into really good ones with new appliances, wood finish PVC flooring recess lights etc. 

The FHA stigma is from 2005-2007 when FHA's standards for "a complete and safe home" were crazy relative to the crummy recession-causing loan programs folks were using.In 2016, FHA's property standards are not significantly above fannie/freddie, and FHA's income/credit standards are way lower (meaning that on average it's actually often easier to close FHA than fannie/freddie).Unless there is something super obvious that jumps out at an appraiser, or a specific inspection is explicitly referenced in the contract (HINT HINT), inspections are not required by fha, fannie, or freddie.

The market is in Houston TX and it's for a 6-plex with good rental income upside, for now...For those who are experienced and weathered various recessions over time and closed deals right before a major one, what is the general reduction we would see in rental income if we have a high probability of a recession?

I also read an article by Zillow expecting the crash in 2020. https://www.zillow.com/research/experts-2020-next-recession-19994/ 

I bought my first commercial property in 1974 during what is now refereed to as the petrol-recession and my second in 1983 when interest rated were over 12%.

I've talked to many people who said that the real estate market was at it's peak three years ago and they were waiting for the recession.